Asked by Stephanie Nieto on May 04, 2024
Verified
Withdrawals increase on the credit side of the account.
Withdrawals
Amounts of money taken out from a business by its owner(s) for personal use, not considered business expenses.
Credit Side
The right side of an accounting ledger where increases in liabilities, equity, and income or decreases in assets and expenses are recorded.
- Acquire knowledge about the influence of transactions on account balances.
Verified Answer
AS
abdelhadi shneiaktMay 08, 2024
Final Answer :
False
Explanation :
Withdrawals increase on the debit side of the account, as they represent assets taken out of the business by the owner.
Learning Objectives
- Acquire knowledge about the influence of transactions on account balances.